Ripple Falls Below $0.40 And Takes Aim At The Low Of $0.31

Dec 06, 2022 at 12:54 // Price
Coin Idol
The cryptocurrency was trading between $0.31 and $0.40

The price of Ripple (XRP) is falling as selling pressure picks up.

Ripple price long-term forecasts: bearish

Buyers have been feverishly trying to push the XRP price above the $0.40 resistance level since November 25, but to no avail. The bears broke through the 21-day line SMA today, signaling the resumption of a downtrend.

On the downside, sellers will try to push XRP to the current support at $0.31. Nevertheless, buyers have been defending the current support since November 9. The cryptocurrency was trading between $0.31 and $0.40. On the plus side, XRP could resume its uptrend if buyers break the $0.40 resistance. Likewise, the downtrend will resume if sellers break the $0.31 support.

Ripple indicator analysis

Ripple's Relative Strength Index is at 44 for the period 14. In the downtrend zone, Ripple is under selling pressure again. It is below the moving average lines, which indicates that it will continue to fall. Ripple is in a bearish momentum and below the 50 level of the daily stochastic.

XRPUSD(Daily Chart) - December 6.22.jpg

Technical Indicators 

Key resistance levels - $0.80 and $1.00

Key support levels - $0.40 and $0.20

What is the next move for Ripple?

Ripple is falling as the price drops below the 21-day simple moving average (SMA). The cryptocurrency is expected to continue its movement between $0.31 and $0.40. According to the price indicator, XRP will continue to fall to $0.19 if the current support is broken.

XRPUSD(Daily Chart 2) - December 6.22.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing 

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